On a daily chart We are in the fifth wave in PNB. Generally 5th wave can be expanded. Which is quite visible and it can expand further too. Once it will get completed we can see a wedge result as a sharp fall breaking down. Before that It can go and touch upward channel resistance.
P.S. : I am quite new in Elliot Wave theory so experts kindly correct my wave counts.
P.S. : I am quite new in Elliot Wave theory so experts kindly correct my wave counts.
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Very soon PNB Housing Finance IPO will be launched. If above analysis is right, you know what I mean.
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Please find the revised wave counts. Another important thing can come into play is the concept of 'throw over', where the false break out can occur above the channel resistance and then starts raining down.
